FRIDLEY, MINN. — Northmarq has provided a $45 million Freddie Mac loan for the refinancing of Axle Apartments in the Minneapolis suburb of Fridley. The 262-unit apartment complex is located at 6530 University Ave. NE. Andy Finn and Dan Trebil of Northmarq arranged the 10-year, fixed-rate loan, which features seven years of interest-only payments followed by a 30-year amortization schedule. Roers Cos. was the borrower.
BROWNSVILLE, TEXAS — Northmarq has brokered the sale of Casa Grande, a 116-unit multifamily property located in the South Texas city of Brownsville. The community was built in 1973 and features a pool, courtyard and onsite laundry facilities. Zar Haro, Moses Siller, Phillip Grafe and Bryan VanCura of Northmarq represented the seller, Raybec Investments, in the transaction. An Austin-based syndication led by DARE Investing purchased Casa Grande for an undisclosed price. The new ownership plans to implement a value-add program.
LAKE ELSINORE, CALIF. — Northmarq has brokered the sale of River’s Edge Apartments, a multifamily community located at 2088 E. Lakeshore Drive in Lake Elsinore. Weidner Apartment Homes sold the asset to an entity of Atlantic Pacific Cos. for $64.5 million. Built in 2007, River’s Edge Apartments features 184 apartments. Kyle Pinkalla of Northmarq’s San Diego investment sales team represented the buyer and seller in the deal.
PETERSBURG, VA. — Northmarq has arranged a $6.7 million acquisition loan for Mill Creek Apartments, a 95-unit multifamily community located at 2701-2732 in Petersburg. Hunter Wood, Keith Wells and Reina Abboud of Northmarq’s Richmond office arranged the five-year loan through a regional bank on behalf of the undisclosed borrower. The loan includes 12 months of interest-only payments followed by a 30-year amortization schedule. Built in 1976, Mill Creek is situated within a half-mile of two regional shopping destinations: South Crater Road Plaza and Burgess Shopping Center. The seller was not disclosed.
ALLEN, TEXAS — Northmarq has arranged a $28 million bridge loan for the acquisition of Presidio, a 202-unit multifamily property located in the northeastern Dallas suburb of Allen. Built in 1986, the property features a pool, fitness center, pet play area, outdoor grilling and dining stations and onsite laundry facilities. Kevin Leamy of Northmarq arranged the loan, which carried a three-year, interest-only term, through an undisclosed balance sheet lender. Taylor Hill, Michael Ware, Joey Tumminello, Drew Kile and Will Balthrope of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, 37th Parallel Properties, in the transaction. The borrower was also not disclosed.
HOUSTON — Northmarq has arranged a $4.8 million acquisition loan for an 88,000-square-foot industrial flex property in Houston’s Second Ward district. The crane-served property was originally built on 6.2 acres in 1980 and renovated in 2020. Matt Franke of Northmarq arranged the 10-year, fixed-rate loan, which carried a 25-year amortization schedule, through an undisclosed life insurance company. The name of the Houston-based borrower was also not disclosed.
MINNEAPOLIS AND TULSA, OKLA. — Commercial real estate capital markets platform Northmarq has agreed to acquire Stan Johnson Co., a Tulsa-based real estate brokerage and advisory firm, for an undisclosed price. The acquisition will include Stan Johnson’s affiliated debt services company, Four Pillars Capital Markets. Minneapolis-based Northmarq offers commercial real estate investors access to experts in debt, equity, investment sales and loan servicing. The company boasts an annual transaction volume of $33 billion and has 22 investment sales offices across 13 states. Stan Johnson Co. has closed nearly 7,500 transactions exceeding $45 billion in sales volume since it was founded in 1985. The firm focuses on investment sales transactions involving retail, office, industrial, healthcare and specialty properties. “This is an important milestone for our growing platform as our company now has investment sales professionals across the country that can service investors across all major asset classes,” says Jeffrey Weidell, CEO of Northmarq. “Adding this talented group of real estate professionals further establishes Northmarq as a full-service investment sales and capital markets platform.” Stan Johnson employs more than 100 brokerage professionals across 16 offices in 10 states, including Oklahoma, Arizona, California, Colorado, Georgia, Illinois, New York, Ohio, Oregon and Texas. “Our …
SAN DIEGO — Northmarq has arranged $17.7 million in refinancing for a newly developed self-storage facility in San Diego. Wyatt Campbell and Conor Freeman of Northmarq’s San Diego office secured the financing for the undisclosed borrower through the firm’s correspondent relationship with a life insurance company. The three-story property offers more than 1,200 self-storage units.
MIAMISBURG, OHIO — Northmarq has arranged a $6.3 million loan for the refinancing of Miamisburg Estates in suburban Dayton. The apartment complex consists of 142 units across 13 buildings. Amenities include a media center, laundry facilities and trash pickup. Noah Juran of Northmarq arranged the seven-year loan, which features a 30-year amortization schedule. An agency lender provided the loan. The undisclosed borrower purchased the property in two phases in 2019 and 2021.
LAWRENCE, KAN. — Northmarq has arranged the sale of a two-property multifamily portfolio in Lawrence for $46.6 million. The properties, Aberdeen and Alvadora, total 404 units. Jeff Lamott and Gabe Tovar of Northmarq represented the seller, a partnership between CAPREIT and Dome Equities. David Link of Northmarq arranged acquisition financing on behalf of the buyer, Griffis/Blessing Inc.
